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Homes Selling Quickly: Seattle #10 Nationwide at Median of 33 Days

Homes for sale across the country are selling faster and faster, according to new statistics. USA Today and Realtor Magazine are reporting that demand for homes is outstripping the supply of new inventory in many of the country’s hottest markets.

Seattle’s lack of inventory is becoming a standard monthly report, with roughly half the homes available for sale this year as there were at the same time last year. That has caused the median time for Seattle home sales to drop to just 33 days. The quick pace of sales put Seattle in the #10 slot for the fastest real estate markets in the nation.

Homes are selling faster as buyer demand picks up, leaving a very low supply of homes left for sale, according to the latest February MLS data figures from Realtor.com. Homes in February sold faster than in any February since 2007, according to the site.

In February, homes were on the market for a median of 98 days—that’s down from 123 days in February 2011.

In some markets, homes are spending even less than a month listed for sale, most notably in places like California.

For example, in Oakland, Calif., homes spent a median number of 14 days on the market in February before they were either sold or removed from the market for other reasons, according to the Realtor.com data. Sacramento’s median number of days on the market was 21. A total of eight metros in the top 10 for fastest selling times were in California, with only Denver (median 28 days) and Seattle (median 33 days) rounding out the list.

The median number of days on the market was also less than two months in places such as Phoenix, Washington, D.C., Detroit, Minneapolis, Atlanta, Dallas, Orlando and Fort Lauderdale.

With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations, Curt Beardsley, vice president with Move, which operates Realtor.com told USA Today.

Seattle home sellers continue to be in a uniquely advantageous position, with plenty of eager buyers and few competitive listings. Buyers, and real estate agents, are ready. Let’s get those homes on the market.